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Updated over 5 years ago on .
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Legal under RESPA to control loan officer used?
I heard that it can be advantageous for a real estate agent or broker to ensure that buyers are required to use the broker's recommended loan officer or mortgage company unless the buyer is willing to provide an additional earnest deposit. The purpose is not to provide any type of kickback. The purpose is to ensure that the selling agent doesn't end up with a passive-aggressive or incompetent loan officer who creates unnecessary delays or fails to ensure that the sale of the property will close. However, as I'm learning about many restrictions under RESPA, I'm wondering if such a practice would be illegal.
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No. You can recommend but not require.
- Russell Brazil
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- (301) 893-4635
- Podcast Guest on Show #192
